Idaho State University is publicly pushing the idea of buying a private, for-profit medical school in Meridian — while the owners are keeping quiet.
The owners declined to answer any questions about whether they plan to sell the Idaho College of Osteopathic Medicine, or whether Idaho State has the inside track on a purchase.
“We regularly receive inbound expressions of interest and inquiries about possible strategic investment in the college,” TPG, a global private equity firm and an ICOM co-owner, said in an email to Idaho Education News Tuesday. “As a matter of policy, we do not comment on speculation or the status related to such matters.”
Idaho’s medical education working group will meet at 10 a.m. Monday at the Statehouse, to discuss proposals to address the state’s doctors’ shortage — and the proposals’ possible costs.
An administrator for Rice University — a Houston-based private institution and ICOM co-owner — also was mum.
“As a rule, the Rice Management Co. does not comment on investment strategy,” Jeff Falk, Rice’s assistant vice president for strategic communications, said in an email Tuesday.
The owners’ non-comments come as Idaho State is ramping up its courtship of ICOM — which is located next to Idaho State’s Meridian campus, and has operated in partnership with Idaho State since its opening in 2016.
“A public purchase of ICOM needs to be finalized over the next couple of years,” Rex Force, Idaho State’s vice president for health sciences, said during a state medical education working group meeting Monday. Force, a member of ICOM’s board of trustees, also sits on the working group, which is looking to address Idaho’s longstanding physician shortage.
ICOM is one of several possible suitors, as the task force shops for medical schools that will take on Idaho students. Idaho already subsidizes 50 medical school seats a year with the University of Washington and the University of Utah, and ICOM is interested in starting a similar arrangement.
But on Monday, Force said buying seats at ICOM is a “short-term solution,” while a purchase would provide a rare opportunity to match a public medical school to the state’s needs.
While ICOM’s owners are saying little, the college’s president says a sale is likely to occur at some point — and he says the state is a logical buyer.
“We’re very mindful that the state of Idaho is motivated,” Tracy Farnsworth said in an Idaho EdNews interview earlier this month. “I understand why they’re interested, and I commend them for it.”
Idaho State has been considering an ICOM purchase for at least a year. And Idaho State is paying a national consulting firm $100,000 to study the feasibility of a purchase, and determine a fair-market price for ICOM.
The consultant’s final report is expected in October. Idaho State has not yet received a finished report, spokeswoman Emily Frandsen said Wednesday.
